It almost feels like one could talk about Bitcoin and India every day of the week. Although the financial turmoil in the country is no guarantee for cryptocurrency adoption, things are changing. P2P Trading of Bitcoin has never been higher in the country, as the numbers virtually doubled in one week’s time.
Ever since the 500 and 1,000 rupee notes were deemed invalid in India, the country has been in a state of flux. Traders, investors, and consumers are looking for new financial means to make ends meet. Considering how India is a primarily cash-driven economy, the decision has disastrous consequences.
At the same time, mobile payment solutions are gaining more popularity in the country than ever before. Local players, such as Paytm, have noted a 1,000% customer growth in the past week and a half. But it appears alternative financial solutions are gaining traction as well. Primarily Bitcoin seems of great interest to Indians right now.
India Shows Insatiable Hunger For P2P Bitcoin Trades
To be more precise, Indians are flocking to Bitcoin when it can be purchased in a P2P manner. Despite having multiple exchanges at their disposal, LocalBitcoins remains the favorite platform among local